They could always reduce the insane pensions...
I’m sure the welfare states will foist their problems on the “Federal” government. Note in political speak, “Federal” is a dog whistle for Trump.
No matter what happens to the economy, Illinois state pensioners are still going to get their 3% increase this year.
They will use this as an excuse to raise taxes.
Democrats don’t care. Its only money.
think about public pensions...…..confiscate money under threat of incarceration, from people working to support their own families, send their kids to college, save for their own retirement to pay people not to work so the can retire in their early 50s
How many of these states have been in the red for many years?
This is simply debt they didn’t approve. Cry me a river.
There’s a silver lining. Insolvency/bankruptcy will be a catalyst for change in the one-party, leftist states of IL, CA and NY
Aren’t your pension obligations INFLATED beyond rational thought??? It’s just my opinion.
Evidently, California has a law that says that the retirement of state employees can’t be reduced.
Their retirement system, Calpers, has taken a big hit.
If they can’t reduce outlays, then they’ll have to increase their intakes.
That means increased taxes.
The problem is, that affects Opportunity Costs.
Every dollar taken from a Taxpayer is a dollar that Taxpayer can’t spend on something else.
That reduces the freedom that Taxpayer has.